Fortinet Price Target Raised to $215 at TD Cowen on Strong Demand

TD Cowen raised its price target on Fortinet (FTNT) to $215 from $160. Analyst Shaul Eyal maintains a Buy rating on the stock.

The firm bases the new target on positive channel checks. These checks indicate sustained, strong demand for Fortinet's cybersecurity products, including its FortiGate appliances.

TD Cowen's analysis suggests Fortinet outperforms its second-quarter targets. Numerous large-scale enterprise deals drive this performance.

TD Cowen notes the ongoing build-out of data centers for AI adoption. This serves as a tailwind for Fortinet's growth prospects. The firm raised its revenue and billings estimates for 2026.